IONZ vs. BMNZ
IONZ (Defiance Daily Target 2X Short IONQ ETF) and BMNZ (Defiance Daily Target 2X Short BMNR ETF) are both Inverse Equities funds from Defiance. IONZ is actively managed, while BMNZ is passively managed. A 0.58 correlation means they provide meaningful diversification when combined. IONZ charges 1.29%/yr vs 1.31%/yr for BMNZ.
Performance
IONZ vs. BMNZ - Performance Comparison
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Returns By Period
In the year-to-date period, IONZ achieves a -76.00% return, which is significantly lower than BMNZ's -13.39% return.
IONZ
- 1D
- 12.86%
- 1M
- 116.73%
- 6M
- -71.26%
- YTD
- -76.00%
- 1Y
- -94.12%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BMNZ
- 1D
- 4.39%
- 1M
- -5.35%
- 6M
- 28.59%
- YTD
- -13.39%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IONZ vs. BMNZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IONZ Defiance Daily Target 2X Short IONQ ETF | -76.00% | -19.61% |
BMNZ Defiance Daily Target 2X Short BMNR ETF | -13.39% | 15.30% |
Correlation
The correlation between IONZ and BMNZ is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 13, 2025 | 0.58 |
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Return for Risk
IONZ vs. BMNZ — Risk / Return Rank
IONZ
BMNZ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
IONZ vs. BMNZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short IONQ ETF (IONZ) and Defiance Daily Target 2X Short BMNR ETF (BMNZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IONZ | BMNZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.92 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | — | — |
| Martin ratioReturn relative to average drawdown | -1.20 | — | — |
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Drawdowns
IONZ vs. BMNZ - Drawdown Comparison
The maximum IONZ drawdown since its inception was -98.66%, which is greater than BMNZ's maximum drawdown of -70.80%. Use the drawdown chart below to compare losses from any high point for IONZ and BMNZ.
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Drawdown Indicators
| IONZ | BMNZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.66% | -70.80% | -27.86% |
Max Drawdown (1Y)Largest decline over 1 year | -98.41% | — | — |
Current DrawdownCurrent decline from peak | -96.05% | -51.51% | -44.54% |
Average DrawdownAverage peak-to-trough decline | -75.45% | -49.97% | -25.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.56% | — | — |
Volatility
IONZ vs. BMNZ - Volatility Comparison
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Volatility by Period
| IONZ | BMNZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 40.37% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 155.08% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 186.72% | 184.15% | +2.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 185.79% | 184.15% | +1.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 185.79% | 184.15% | +1.64% |
IONZ vs. BMNZ - Expense Ratio Comparison
IONZ has a 1.29% expense ratio, which is lower than BMNZ's 1.31% expense ratio.
Dividends
IONZ vs. BMNZ - Dividend Comparison
Neither IONZ nor BMNZ has paid dividends to shareholders.
Frequently Asked Questions
IONZ and BMNZ have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IONZ is cheaper at 1.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IONZ is cheaper with a 1.29% expense ratio, compared with 1.31% for BMNZ.
IONZ and BMNZ have nearly identical dividend yields, around 0.00%.
Their fees differ too: 1.29% for IONZ and 1.31% for BMNZ.
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